Echotitbits – Nigeria News

Tag: regulation

  • Banking Sector Crackdown: CBN Imposes Stiff Fines for Cheque Violations

    Banking Sector Crackdown: CBN Imposes Stiff Fines for Cheque Violations

    Figures cited by Daily Post show that the Central Bank of Nigeria has introduced a new penalty regime for banks and printers found guilty of cheque-related violations. Under the new guidelines, infractions can now attract fines of up to N20 million, a significant increase from previous sanctions.

    Reporting by Daily Post indicates that the move is part of a broader effort to strengthen the integrity of the Nigerian payment system. The CBN is particularly concerned with the quality of cheque leaflets and the security features embedded in them, which are vital for preventing fraud and ensuring smooth interbank transactions.

    The apex bank warned that it would not hesitate to blacklist printers who fail to meet the required standards. Banks are also required to conduct more rigorous due diligence on their cheque clearing processes to protect customers from the rising wave of sophisticated financial crimes.

    Vanguard and ThisDay have verified the issuance of these new guidelines. Vanguard noted that “the policy aims to restore confidence in paper-based transactions,” while ThisDay quoted a banking executive stating, “these fines will force institutions to prioritize security over cost-cutting.”

    Echotitbits take: While the world is moving toward digital payments, cheques remain a staple for corporate transactions in Nigeria. This crackdown is a necessary evil to ensure the “old school” payment method doesn’t become the weakest link in the financial chain. Expect banks to pass on some of these compliance costs to corporate clients.

    Source: Channels TV – https://www.channelstv.com/2025/01/14/cbn-sanctions-banks-for-failing-to-dispense-cash-via-atms/, February 13, 2026

    Photo credit: Channels TV

  • CBN warns bank recapitalisation could crowd out other capital-market fundraising

    CBN warns bank recapitalisation could crowd out other capital-market fundraising

    Reporting by Punch indicates the Central Bank of Nigeria (CBN) is warning that the ongoing bank recapitalisation drive could tilt capital-market funding even more heavily toward banks, leaving other issuers struggling to attract investor attention.

    The concern is not that recapitalisation is unnecessary, but that liquidity could become concentrated in bank equity and related offers if multiple large fundraises hit the market around the same time.

    CBN’s outlook describes a generally bullish capital-market tone, but stresses that momentum can become fragile when one sector dominates deal flow, raising concentration risk.

    For corporates outside banking, the implication is tougher pricing and slower book-building if banks keep taking the front seat through 2026.

    Elsewhere, ThisDay quoted the apex bank warning the market could face “higher concentration risk” and that recapitalisation may “crowd-out other issuers.” Premium Times also noted the central bank’s caution that rising non-performing loans and concentration risks could weigh on growth outcomes.

    Echotitbits take: The sequencing of bank offers will matter. If multiple tier-1s fundraise in the same quarter, expect wider discounts and weaker demand for non-bank IPOs and bonds. Timing discipline and a deeper investor base are the pressure valves.

    Source: BusinessDay – https://businessday.ng/companies/article/cbn-sees-capital-market-extending-bullish-streak-on-bank-recapitalisation/ January 7, 2026
    BusinessDay  January 7, 2026

    Photo Credit: BusinessDay

  • Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    In an update published by Punch, Fidelity Bank announced the appointment of Amaka Onwughalu as board chair, a move aimed at strengthening corporate governance as the sector tightens oversight.

    The appointment comes amid heightened scrutiny of bank boards, risk management and capital adequacy, with stakeholders watching how leadership decisions translate into performance and compliance.

    Vanguard also reported the appointment, describing Onwughalu’s elevation as a notable board change at the lender. Punch’s report described the move as “appoints Onwughalu as board chair,” while Vanguard’s coverage similarly framed it as a chairmanship appointment.

    For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Echotitbits take: For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Source: The Punch — January 3, 2026 (https://www.google.com/amp/s/punchng.com/fidelity-bank-names-new-board-chairman-as-chike-obi-exits/%3famp)

    The Punch January 3, 2026

    Photo Credit: The Punch

  • Regulator says petroleum vessel approvals are faster, with most clearances now under 24 hours

    Regulator says petroleum vessel approvals are faster, with most clearances now under 24 hours

    2026-01-02 09:00:00
    In an update published by Punch, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has accelerated petroleum vessel clearance processes, reporting that most approvals are being granted in under 24 hours.

    The regulator presents the change as a throughput push to reduce delays that translate into higher landing costs, demurrage exposure and supply disruptions.

    Industry observers note that clearance speed only becomes meaningful if port-side coordination—terminal readiness, documentation and inspections—matches regulator timelines.

    Validation: MarketForces quoted the regulator’s service-level framing, noting “accelerated approvals and permits under clear service-level agreements.” Extractive360 also reported the same theme and described the push as “accelerating permits under clear service-level timelines.”

    Echotitbits take: If NMDPRA’s clearance gains are consistent, the downstream market benefits via steadier supply and lower friction costs. Watch for published performance data and whether Customs/NPA/terminal operators align—multi-agency alignment is the real test.

    Source: The Punch — 2026-01-02 (https://punchng.com/nmdpra-speeds-up-petroleum-vessel-clearance-processes/)
    The Punch 2026-01-02

    Photo Credit: Premium Time

  • Lagos boat capsizes near Nigerdock with fatalities as agencies launch rescue response

    Lagos boat capsizes near Nigerdock with fatalities as agencies launch rescue response

    2026-01-01 06:50:00
    Reporting by Vanguard indicates at least six passengers died and others were rescued after a passenger boat mishap near the Nigerdock axis of Lagos waterways.

    In an update published by the outlet, agencies including LASWA and NIWA were described as part of the search-and-rescue response alongside marine police.

    The incident renews attention on enforcement of safety protocols—lifejacket compliance, passenger manifests, and operator licensing.

    Punch also reported the incident and cited Lagos waterways authorities on the casualty count and rescue operations.

    The Guardian Nigeria likewise carried the update, reporting fatalities and describing a multi-agency response on the waterways.

    Echotitbits take:

    Water transport is growing, but safety enforcement is lagging. Watch for sustained inspections, penalties for non-compliance, and standardized manifest/lifejacket rules that are actually enforced beyond the news cycle.

    Source: Vanguard — January 1, 2026 (https://www.vanguardngr.com/2026/01/6-dead-4-rescued-in-lagos-boat-mishap/)

    Vanguard 2026-01-01

    Photo Credit: Vanguard

  • Meta moves to acquire Manus as it races to build advanced AI agents

    Meta moves to acquire Manus as it races to build advanced AI agents

    2025-12-31 09:49:00

    According to PUNCH, Meta has reached a deal to buy Manus, a Chinese‑founded AI‑agent startup, as the tech giant intensifies its push into advanced autonomous agents and enterprise AI tools.

    The report said the acquisition is part of Meta’s broader strategy to accelerate product delivery in AI assistants, workflow automation and agentic systems that can execute tasks across apps and services.

    Industry watchers expect increased scrutiny around cross‑border tech deals and how Meta integrates Manus’ team and intellectual property into its AI roadmap.

    A Reuters video headline stated “Meta to buy Chinese-founded startup Manus to boost advanced AI,” while TechCrunch wrote “Meta just bought Manus, an AI startup everyone has been talking about.”

    Echotitbits take: The real value is likely talent and agent infrastructure. Watch for how quickly Meta ships ‘agent’ features into WhatsApp/Instagram products, and whether regulators flag data‑sovereignty issues.

    Source: Tribune — December 30, 2025 (https://tribune.com.pk/story/2584667/meta-buys-china-founded-ai-agent-manus?amp=1)

    Tribune December 30, 2025

    Photo Credit: Tribune

  • NAFDAC Uncovers Alleged “Revalidation” Factory for Expired Drugs in Lagos

    NAFDAC Uncovers Alleged “Revalidation” Factory for Expired Drugs in Lagos

    Photo Credit: Vanguard
    2025-12-25 10:30:00

    In a raid report carried by Vanguard, NAFDAC and security agencies uncovered a large-scale operation in Ojo, Lagos allegedly involved in selling and “revalidating” fake, banned and expired pharmaceutical products, with arrests made on site.

    Investigators said some products had expiry dates wiped and relabelled—raising fears about treatment failures, drug resistance, and preventable deaths linked to adulterated medicines.

    Vanguard quoted a NAFDAC official in stark terms: “What we have found here is that there are people who are worse than Boko Haram,” linking the operation to deliberate harm.

    The same report also highlighted specific examples, including: “This Diazepam injection expired in 2024, yet it was being prepared for sale,” as authorities described how chemicals were allegedly used to erase and reprint expiry labels.

    Echotitbits take: Fake drugs are no longer just a “health” story—they’re a national security and economic story, because they erode trust in the medical system and can destabilise public health outcomes. Watch for follow-up prosecutions (not just raids), and whether regulators expand traceability, tamper-proof labelling, and market surveillance in major drug hubs.

    Source: Vanguard — December 2025 (https://www.vanguardngr.com/2025/12/nafdac-uncovers-fake-expired-drug-factory-in-lagos-warns-of-national-security-threat/)

    Vanguard 2025-12-25

  • Passenger Wins: NCAA Says Airlines Paid Back Over N1bn in Refunds

    Passenger Wins: NCAA Says Airlines Paid Back Over N1bn in Refunds

    Photo Credit: The Punch
    2025-12-25 09:35:00

    In an interview carried by The Punch, the NCAA says it has pushed airlines to refund passengers more consistently, disclosing over N1 billion paid back as consumer protection enforcement tightened. The regulator framed the outcome as proof that complaint systems and airline accountability are improving.

    The refunds reportedly covered delays, cancellations, and service failures where passengers were entitled to compensation under applicable rules, with the NCAA urging travelers to document complaints and use official channels rather than social-media outrage alone.

    For airlines, the development signals rising enforcement costs for poor reliability, potentially encouraging better schedule discipline, passenger communication, and quicker re-accommodation processes during disruptions.

    In additional reporting, The Guardian quoted the NCAA saying it recorded the “highest volume of refunds in the agency’s history,” while Daily Trust also reported the same outcome, stating domestic airlines “refunded over N1 billion to passengers” within the stated period.

    Echotitbits take: This is a rare win for Nigerian consumers—but sustainability matters. Watch whether NCAA publishes clearer dashboards (refund timelines, penalties, repeat offenders) and whether airlines respond by improving operational reliability rather than just paying refunds after complaints pile up.

    Source: The Punch — December 25, 2025 (https://punchng.com/airlines-refund-over-n1bn-as-ncaa-enforces-compliance/)

    The Punch 2025-12-25

  • CBN gives payment firms 30 days to add dual channels for PoS transactions

    CBN gives payment firms 30 days to add dual channels for PoS transactions

    photo: CBN headquarters — Wikipedia

    According to The Punch, the Central Bank of Nigeria (CBN) has directed financial institutions, acquirers and payment service providers to implement mandatory dual connectivity for Point-of-Sale (PoS) transactions within one month to reduce failures and downtime.

    The directive, issued via a circular signed by the CBN’s Payments System Supervision leadership, is designed to ensure PoS transactions can automatically route through an alternative channel when one switch or aggregator fails.

    Daily Post also reported the same policy move, describing it as a 30‑day deadline aimed at stabilising PoS performance and reduce persistent transaction disruptions for merchants and consumers.

    Other industry reporting and commentary (including BusinessDay’s coverage shared on social platforms) echoed the policy intent: improve resilience, enforce reporting, and strengthen reliability testing across the payments ecosystem.

    Analysis/Echotitbits take: This is a quality-of-service crackdown, not just another circular. If enforcement is real, the biggest impact will be on downtime-driven “lost sales” for SMEs and on customer trust in cashless payments. Watch for compliance audits, penalties for repeated outages, and whether smaller aggregators can afford the redundancy costs without pushing fees higher for users.

    Source: The Punch — 12 Dec 2025 (https://punchng.com/cbn-sets-one-month-deadline-for-dual-pos-connectivity/)

     

  • DisCos added 187,765 meters in two months as national metering rate inches up

    DisCos added 187,765 meters in two months as national metering rate inches up

    Photo: Disco image – ThisDay

    According to The Punch, electricity distribution companies installed meters for 187,765 customers in September and October 2025, as reported by the Nigerian Electricity Regulatory Commission (NERC).

    The report indicated 80,943 customers were metered in September and 106,822 in October, nudging the national metering rate upward from 55.37% to 56.07% and slightly expanding the total metered customer base.

    The Guardian also cited the NERC metering factsheet and highlighted the month-to-month improvement, while pointing out that the overall metering gap remains substantial despite incremental progress.

    Vanguard similarly reported the figures and reiterated NERC’s framing that the factsheet is meant to track DisCo progress in closing Nigeria’s long-running metering deficit.

    Analysis/Echotitbits take: Nigeria’s metering story is now about pace and fairness. The monthly gains are positive, but too slow relative to demand growth and consumer distrust of estimated billing. Watch for: (1) how quickly DisCos meter high-complaint feeders, (2) the availability and financing of meters under MAP/National Mass Metering efforts, and (3) whether dispute resolution improves as metering expands.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/187765-electricity-customers-metered-in-two-months-nerc/)